“Mengapur was presented to shareholders as a company maker, but it could easily become a company breaker. The purchase price paid by Monument and subsequent investment (I estimate approximately $120-million in cash, which is significantly more than the current market capitalization of the company) cannot find justification in the displayed public documentation. Mengapur was first presented to shareholders as a polymetallic project, then iron ore, but from the information provided by the company in its technical public disclosure, the real value in the project appears to be as an acid plant, and even as such this would only represent value for a fraction of the funds invested in this project to date. Additional expenditures have not yet made this project more attractive, and it is recommended to look at a possible monetization or partnership. Unlike major mining companies, Monument is not in a position to absorb massive write-offs without shareholders’ bottom line being severely affected.”

It seem to be that this change in development tactics is a result of the fall in price of gold and silver since the initial acquisition of the project. In that light it makes sense not to develop the PM aspect of the project right now.

It looks more and more like Goldmet is backing Avner Kreimer. 2 (Andrew Forrest and Gaston Raymenants) of the proposed new directors are passed VP’s of Polymet mining – a company George Molyviatis backed and are board members of Incor Holdings where George Molyviatis is Executive Chairman.